Baker Bros. Advisors reports 7.2% stake in Idera Pharmaceuticals

Piper Jaffray analyst Edward Tenthoff lowered his price target for Idera Pharmaceuticals to $4 citing the removal of IMO-9200 from his model since the company is no longer developing the drug. The analyst keeps an Overweight rating on Idera following the company's Q4 results.

01/06/16

01/06/16INITIATION

On The Fly: Analyst Initiation Summary

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Piper Jaffray analyst Edward Tenthoff says the IMO-8400 data in Waldenstrom's Lymphoma that Idera Pharmaceuticals presented Saturday at the American Society for Hematology showed "impressive activity." This data is a clear signal of activity and validates toll-like receptor as a target, Tenthoff tells investors in a research note. He reiterates an Overweight rating on Idera with a $7 price target.